1. At a Glance
India’s liquor gatekeeper has gone public. Monika Alcobev, a leading importer and distributor of luxury alcohol, just closed its ₹165.63 Cr IPO at ₹286/share. Listed on BSE SME on July 23, 2025. Retail investors needed a strong liver and ₹2.28L for the minimum bid.
2. Introduction with Hook
Ever sipped on Jose Cuervo tequila or Bushmills whiskey in India and wondered, “Who brings this liquid gold here?”
The answer: Monika Alcobev Ltd. — now a public company. But is this IPO the fine wine of SME listings… or just boxed booze with a pretty label?
- ₹165.63 Cr IPO
- Price: ₹286
- Listed: BSE SME
- 25% YoY PAT growth
- P/E Post IPO: ~26.5x
3. Business Model (WTF Do They Even Do?)
Monika Alcobev = Imported liquor royalty
- Core: Importing & distributing luxury spirits, liqueurs, and wines
- Brands: Jose Cuervo, Onegin, Bushmills, Cavit, and many others
- Presence: India + Maldives + Sri Lanka + Nepal + Bangladesh
- Target Customers: HORECA, travel retail, hypermarkets
- Value Chain: Licensing → Import → Warehousing → Distribution → On-ground Marketing
It’s like an FMCG model… but with alcohol and higher entry barriers.
4. Financials Overview
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 140.36 | 191.28 | 238.36 |
| EBITDA | 24.67 | 32.14 | 46.19 |
| PAT | 13.03 | 16.60 | 23.11 |
| Net Worth | 17.12 | 58.53 | 96.01 |
| Total Borrowings | 72.06 | 123.16 | 174.10 |
Highlights:
- PAT CAGR: ~33%
- Net worth up 5x in 2 years
- D/E Ratio: 1.81 ⚠️
- EBITDA Margin: Nearly 20% 🥂
5. Valuation
| Metric | Value |
|---|---|
| EPS (Post IPO) | ₹10.78 |
| P/E | 26.5x |
| Price/Book | 4.94 |
| ROE | 29.9% |
| ROCE | 16.2% |
Fair Value Range Estimate:
- Industry average: 20–28x P/E
- Given growth + brand moat: ₹240 – ₹290 is justified
- At ₹286 → Fully priced, but not frothy
6. What’s Cooking – News, Triggers, Drama
- Anchor raised ₹46 Cr from top funds
- High entry barrier biz = no random startups flooding the space
- Luxury alcohol demand growing in Tier 1 + airports
- ₹100 Cr of IPO funds earmarked for working capital → Scalability
- Imported liquor taxes & regulation = biggest risk
- No direct consumer brand yet — B2B focused
7. Balance Sheet
| Item | FY25 |
|---|---|
| Assets | ₹323.9 Cr |
| Net Worth | ₹96.01 Cr |
| Total Debt | ₹174.1 Cr |
| D/E | 1.81x ❌ |
| Debt Reduction Planned | ₹11.45 Cr (via IPO) ✅ |
High growth + high leverage = risky but rewarding… if managed.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash from Ops | ₹15.2 | ₹19.3 | ₹28.6 |
| CapEx | ₹-7.4 | ₹-9.2 | ₹-11.8 |
| Cash from Financing | ₹+20.0 | ₹+35.0 | ₹+55.0 |
IPO Cash Use:
- ₹100 Cr for working capital = stocking more bottles
- ₹11.45 Cr for debt
- Rest for general corporate hangovers
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 29.9% ✅ |
| ROCE | 16.2% ✅ |
| PAT Margin | 9.8% ✅ |
| EBITDA Margin | 19.6% ✅ |
| Debt/Equity | 1.81 ❌ |
| P/E | 26.5x ⚠️ |
Verdict: Efficient operations, high returns, leverage in check (for now)
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 140.3 | 191.3 | 238.4 |
| EBITDA | 24.7 | 32.1 | 46.2 |
| PAT | 13.0 | 16.6 | 23.1 |
| EBITDA Margin | 17.6% | 16.8% | 19.6% |
| Net Margin | 9.3% | 8.6% | 9.8% |
Margins holding up despite scaling — a rare sight in SME land.
11. Peer Comparison
| Company | Revenue | PAT | P/E | ROE | Business |
|---|---|---|---|---|---|
| Monika Alcobev | ₹238 Cr | ₹23.1 Cr | 26.5x | 29.9% | Import-Distributor |
| Sula Vineyards | ₹527 Cr | ₹92 Cr | 40x | 18% | D2C + Events |
| Radico Khaitan | ₹3,600 Cr | ₹305 Cr | 50x | 18% | Branded Liquor |
Monika is leaner, more focused, and B2B-heavy. Not a brand, but a bridge.
12. Miscellaneous – Shareholding, Promoters
| Promoters | Pre IPO | Post IPO |
|---|---|---|
| Bhimji & Kunal Patel | 79.96% | 62.08% |
- Lead Manager: Marwadi Chandarana
- Registrar: MUFG Intime (Link Intime)
- Market Maker: Bhansali Value Creations
- Anchor Lock-in ends: Aug 20 (50%) & Oct 19 (rest)
Skin in the game? Check. Anchor support? Check. HNI love? 8.86x subscribed.
13. EduInvesting Verdict™
Monika Alcobev isn’t selling you a brand. They’re selling you access to the bar.
Their growth is real. Margins are solid. And they operate in a niche with limited players and high licensing hurdles.
But:
- It’s SME — volatility alert
- Fully priced — no crazy listing gain promise
- Debt is on the higher side, but manageable post IPO
If you’re a believer in India’s rising premium booze culture and B2B liquor logistics — this might be the right bottle to bet on.
Metadata
– Written by EduInvesting Team | July 23, 2025
– Tags: Monika Alcobev IPO: Raise Your Glass or Raise Your Eyebrows?
1. At a Glance
India’s liquor gatekeeper has gone public. Monika Alcobev, a leading importer and distributor of luxury alcohol, just closed its ₹165.63 Cr IPO at ₹286/share. Listed on BSE SME on July 23, 2025. Retail investors needed a strong liver and ₹2.28L for the minimum bid.
2. Introduction with Hook
Ever sipped on Jose Cuervo tequila or Bushmills whiskey in India and wondered, “Who brings this liquid gold here?”
The answer: Monika Alcobev Ltd. — now a public company. But is this IPO the fine wine of SME listings… or just boxed booze with a pretty label?
- ₹165.63 Cr IPO
- Price: ₹286
- Listed: BSE SME
- 25% YoY PAT growth
- P/E Post IPO: ~26.5x
3. Business Model (WTF Do They Even Do?)
Monika Alcobev = Imported liquor royalty
- Core: Importing & distributing luxury spirits, liqueurs, and wines
- Brands: Jose Cuervo, Onegin, Bushmills, Cavit, and many others
- Presence: India + Maldives + Sri Lanka + Nepal + Bangladesh
- Target Customers: HORECA, travel retail, hypermarkets
- Value Chain: Licensing → Import → Warehousing → Distribution → On-ground Marketing
It’s like an FMCG model… but with alcohol and higher entry barriers.
4. Financials Overview
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 140.36 | 191.28 | 238.36 |
| EBITDA | 24.67 | 32.14 | 46.19 |
| PAT | 13.03 | 16.60 | 23.11 |
| Net Worth | 17.12 | 58.53 | 96.01 |
| Total Borrowings | 72.06 | 123.16 | 174.10 |
Highlights:
- PAT CAGR: ~33%
- Net worth up 5x in 2 years
- D/E Ratio: 1.81 ⚠️
- EBITDA Margin: Nearly 20% 🥂
5. Valuation
| Metric | Value |
|---|---|
| EPS (Post IPO) | ₹10.78 |
| P/E | 26.5x |
| Price/Book | 4.94 |
| ROE | 29.9% |
| ROCE | 16.2% |
Fair Value Range Estimate:
- Industry average: 20–28x P/E
- Given growth + brand moat: ₹240 – ₹290 is justified
- At ₹286 → Fully priced, but not frothy
6. What’s Cooking – News, Triggers, Drama
- Anchor raised ₹46 Cr from top funds
- High entry barrier biz = no random startups flooding the space
- Luxury alcohol demand growing in Tier 1 + airports
- ₹100 Cr of IPO funds earmarked for working capital → Scalability
- Imported liquor taxes & regulation = biggest risk
- No direct consumer brand yet — B2B focused
7. Balance Sheet
| Item | FY25 |
|---|---|
| Assets | ₹323.9 Cr |
| Net Worth | ₹96.01 Cr |
| Total Debt | ₹174.1 Cr |
| D/E | 1.81x ❌ |
| Debt Reduction Planned | ₹11.45 Cr (via IPO) ✅ |
High growth + high leverage = risky but rewarding… if managed.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash from Ops | ₹15.2 | ₹19.3 | ₹28.6 |
| CapEx | ₹-7.4 | ₹-9.2 | ₹-11.8 |
| Cash from Financing | ₹+20.0 | ₹+35.0 | ₹+55.0 |
IPO Cash Use:
- ₹100 Cr for working capital = stocking more bottles
- ₹11.45 Cr for debt
- Rest for general corporate hangovers
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 29.9% ✅ |
| ROCE | 16.2% ✅ |
| PAT Margin | 9.8% ✅ |
| EBITDA Margin | 19.6% ✅ |
| Debt/Equity | 1.81 ❌ |
| P/E | 26.5x ⚠️ |
Verdict: Efficient operations, high returns, leverage in check (for now)
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 140.3 | 191.3 | 238.4 |
| EBITDA | 24.7 | 32.1 | 46.2 |
| PAT | 13.0 | 16.6 | 23.1 |
| EBITDA Margin | 17.6% | 16.8% | 19.6% |
| Net Margin | 9.3% | 8.6% | 9.8% |
Margins holding up despite scaling — a rare sight in SME land.
11. Peer Comparison
| Company | Revenue | PAT | P/E | ROE | Business |
|---|---|---|---|---|---|
| Monika Alcobev | ₹238 Cr | ₹23.1 Cr | 26.5x | 29.9% | Import-Distributor |
| Sula Vineyards | ₹527 Cr | ₹92 Cr | 40x | 18% | D2C + Events |
| Radico Khaitan | ₹3,600 Cr | ₹305 Cr | 50x | 18% | Branded Liquor |
Monika is leaner, more focused, and B2B-heavy. Not a brand, but a bridge.
12. Miscellaneous – Shareholding, Promoters
| Promoters | Pre IPO | Post IPO |
|---|---|---|
| Bhimji & Kunal Patel | 79.96% | 62.08% |
- Lead Manager: Marwadi Chandarana
- Registrar: MUFG Intime (Link Intime)
- Market Maker: Bhansali Value Creations
- Anchor Lock-in ends: Aug 20 (50%) & Oct 19 (rest)
Skin in the game? Check. Anchor support? Check. HNI love? 8.86x subscribed.
13. EduInvesting Verdict™
Monika Alcobev isn’t selling you a brand. They’re selling you access to the bar.
Their growth is real. Margins are solid. And they operate in a niche with limited players and high licensing hurdles.
But:
- It’s SME — volatility alert
- Fully priced — no crazy listing gain promise
- Debt is on the higher side, but manageable post IPO
If you’re a believer in India’s rising premium booze culture and B2B liquor logistics — this might be the right bottle to bet on.
Metadata
– Written by EduInvesting Team | July 23, 2025
– Tags: Monika Alcobev IPO, Alcobev IPO, SME IPO, Jose Cuervo India, Bushmills Import, Luxury Liquor IPO, MUFG Intime, Marwadi IPO, B2B Liquor Business
